CARACAS Venezuela’s bolivar currency has depreciated an unprecedented 60 percent in a month against the U.S. dollar on the black market to trade at nearly 3,500 on Monday, according to the widely-tracked web site DolarToday. That makes the largest-denomination note of 100 bolivars now worth less than 3 U.S. cents in the crisis-hit OPEC nation. Such is the currency chaos that Venezuelans often carry rucksacks full of […]
More than 1,600 parking bays have been opened by the Roads and Transport Authority (RTA) in Dubai to ease congestion for visitors. The parking slots have been provided on both sides of the Dubai Water Canal, which opened earlier this month, the transport authority said in a statement. Maitha bin Adai, CEO of Traffic & Roads Agency, RTA, said: “The RTA has provided 1,602 additional parking slots […]
November 28, 2016 by: Jessica Dye in New York and John Paul Rathbone in Miami Donald Trump on Monday threatened to end the Obama administration accord that restored diplomatic ties between the US and Cuba if the former Cold War foe did not negotiate a better deal with his government. Following the death of longtime Cuban leader Fidel Castro on Friday, the US president-elect tweeted that he […]
DUBAI, United Arab Emirates, November 28, 2016/ — The Ashish J Thakkar Global Entrepreneurship Index of 85 countries ranks Singapore as the best environment for entrepreneurs Of the African nations, Namibia scores highest and comes 42nd overall – ahead of other prominent African markets, such as Nigeria, Kenya and South Africa The research, conducted by Mara Foundation and Opinium Research, examines the state of entrepreneurship around the […]
By Andrew Callus | PARIS PARIS France’s centre-right rallied behind free market reformist Francois Fillon as its candidate for president on Monday after a snap opinion poll showed him clear favourite to beat far-right leader Marine Le Pen in an election showdown next year. Fillon, a former prime minister who vowed to change France’s “software” with an assault on public sector spending, moved one step closer to […]
Bail in risk – €4 Trillion Italian banking system at risk as referendum looms Sunday according to Financial Times Concerns of multiple bank failures – Eight banks at risk of failure and bail ins Monte dei Paschi di Siena, third largest by assets and mid-sized banks Popolare di Vicenza, Veneto Banca and Carige and four smaller banks Italy’s banks have €360 billion of problem loans Contagion poses risks to Unicredit, […]
Syria’s Foreign Ministry on Monday denounced comments by Qatar that it will continue to back rebels against Syrian President Bashar al-Assad as merely an attempt “to raise the morale of the terrorist groups” in the face of army advances. Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told Reuters in an interview on Sunday that Doha would continue to arm Syrian rebel groups even if US President-elect […]
By Ju-min Park | SEOUL SEOUL South Korean President Park Geun-hye cannot be questioned by Tuesday as prosecutors have requested, her lawyer said, as she resists growing calls to resign over an influence scandal that has engulfed her administration. Park is under intense pressure to step down over the crisis involving a close friend accused of meddling in state affairs, with the main opposition party seeking to […]
Imposing a tax on the remittances and incomes of expats in the Gulf will lead to negative consequences, as foreigners make up 90 percent of the region’s private sector workforce, the International Monetary Fund (IMF) has warned. The proposed application of a 5 percent tax, under review in several GCC countries, would result in 0.3 percent ($4.2 billion) hit on marginal revenue of the region’s GDP, Arab […]
SEOUL South Korea’s Samsung Electronics Co Ltd (005930.KS) will consider splitting itself into two as proposed by U.S. activist hedge fund Elliott Management, Seoul Economic Daily reported on Monday citing an unnamed source. A split would allow the heirs of the founding Lee family to strengthen their grip on the global smartphone leader, the crown jewel of the Samsung Group business empire. Elliott proposed a split in […]
It’s laudable that Trump wants to bring factories back to USA. But how about virtual, monetary factories? Moving financial institutions such as banks, insurers, brokerage houses, exchanges, and other institutions brings the most bang for the buck when it comes to revitalizing America’s economy. As we explain in Splitting Pennies, even though money doesn’t exist, it’s the most important part of a healthy economy. The business climate […]
Volkswagen signed a deal on Sunday to assemble cars in Algeria in a joint venture with its local car importer SOVAC, aiming for a production capacity of more than 100 vehicles per day from June 2017, VW and Algerian officials said. The cars will be assembled at a $170 million plant in the western province of Relizane, Algerian Industry Minister Abdesselam Bouchouareb said at a signing ceremony […]
Industry eyes opportunity to reinvest at higher yields and leave low rate era behind ©Noam Galai/WireImage/Getty Donald Trump may be just what the global insurance industry needs. Shares in several of the sector’s largest companies have outperformed the market strongly since the US election, on hopes that a prolonged squeeze on their returns is finally drawing to a close. Years of ultra-low rates have eaten away at […]
A new network will bring European research, science and business together to further our understanding of the early universe and its constituents, say authors of a new report. (via WSJ)
TOKYO Oil prices tumbled on Monday on fears that producer countries may fail to agree an output cut, pressuring U.S. stocks and the dollar as traders reversed their “Trumpflation” trade as weak oil prices would reduce pressure on U.S. interest rates to rise. That gave some relief to Asian shares, which had underperformed on worries about capital flight to higher-yielding U.S markets in the weeks since Donald […]
Muscat, November 28, 2016 Bank Sohar is pleased to announce that it has recently been awarded the ‘Best Public Awareness Campaign Middle East Road Safety’ award on a regional level and across the Banking sector at the recently held IQPC Middle East – Qatar Transport Safety Awards which took place recently at the St. Regis Hotel Doha, Qatar. The award, which marks the Bank’s 12th award of […]
Germany’s Nico Rosberg won his first Formula One world championship on Sunday after finishing second in a tense Abu Dhabi Grand Prix won by Mercedes team mate Lewis Hamilton After all the suspense and expectation, the race saw Hamilton chalking up his 10th win of the season, and fourth in a row, but powerless to do anything about the championship outcome despite making every effort. His attempt […]
By Drazen Jorgic | ISLAMABAD ISLAMABAD There will be no immediate shift in Pakistan’s military policy under the new army chief, the country’s defence minister said, after Prime Minister Nawaz Sharif appointed a new military leader on Saturday. Lieutenant General Qamar Javed Bajwa will replace retiring army chief Raheel Sharif when his three-year term ends on Tuesday, a rare example of a smooth transition in a nation […]
In these volatile times, gold is more important than ever. Bonner & Partners’ Bill Bonner explains in this two-part series, the importance of ‘real money’ and why you need it now… Many years ago, before the invention of modern money or capitalism, people still had wealth – although limited. And they still had ways of keeping track of it. The principle of “fair trade” seems to be […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices fell over 1 percent on Monday, extending declines from last Friday as doubts re-emerged over the ability of major producers to cut output at a planned meeting on Wednesday aimed at reining in global oversupply. Brent crude futures LCOc1 were trading at $46.40 per barrel at 0035 GMT (7.35 a.m. ET), down 84 cents, or 1.8 percent, from their […]
Saudi Arabia’s energy minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene in it. Any intervention will aim to expedite the balancing process, Falih told reporters at the headquarters of national oil giant Saudi Aramco. Under a preliminary agreement reached in September in Algeria, the Organisation of the Petroleum Exporting Countries would reduce […]
Donald Trump has attacked Hillary Clinton’s campaign team for backing an election recount effort based on suspicions that foreign hackers rigged the vote in key states, even as the US President-elect made the unsupported claim that “millions” of Americans cast ballots illegally. Reacting to a weekend decision by the Clinton campaign to participate in a recount in Wisconsin, one of three swing states targeted for new counts by […]
By John Miller | ZURICH ZURICH Swiss voted in a referendum on Sunday to reject a speedy exit from the nation’s five nuclear power plants, as concerns over losing energy independence outweighed safety worries raised by the measure’s proponents. Nearly 55 percent of voters turned down the initiative, with 45 percent favouring it in a vote that was part of the Swiss system of direct democracy giving […]
A selection of films from around the world are to be showcased next week at the 13th annual Dubai International Film Festival (DIFF), its organisers have announced. Held at the Madinat Theatre at Dubai’s Souk Madinat Jumeirah, the festival runs from December 7-14 and includes numerous cinema screenings and red carpet gala events. On December 8, festival goers will experience the world premiere of ‘Befikre’, a Hindi […]
